ITAT Deletes TP Adjustment as TNMM Was Consistently Accepted in Earlier Years

Advertisement Inductotherm (India) Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, partly allowed the assessee’s appeal for statistical purposes for Assessment Year (AY) 2020-21. The appeal challenged the assessment order passed under Sections 143(3), 144C(13), and 144B of the Income-tax Act involving transfer pricing adjustments, corporate tax additions relating to reversal of provisions, and short grant of TDS/TCS credit. The assessee, a wholly owned subsidiary of Inductotherm Technologies Inc., USA, is engaged in manufacturing and sale of ind...